MODEC Inc said Tuesday it is combining its wholly owned companies MODEC America Inc and SOFEC Inc to create an integrated mooring solutions business. “SOFEC will be fully integrated into the MODEC Group by becoming the new Mooring Solutions Business Unit”, Tokyo-based MODEC said in a statement on its website. “Importantly, the new Mooring Solutions Business Unit will maintain SOFEC’s commitment to the wider offshore market. “It will continue to provide SOFEC-branded mooring solutions for clients other than MODEC, ensuring the continuation of the same quality, performance and reliability that SOFEC mooring systems have delivered for over 50 years, now with the strong backing and financial strength of the MODEC Group. “As an industry leader, MODEC has over half a century of experience and a strong track record, having delivered more than 50 floating production solutions for offshore oil and gas projects worldwide. In support of these projects, SOFEC, renowned for its cutting-edge permanent mooring systems and fluid transfer technologies, has supplied mooring systems for a total of 49 FPSOs/FSOs [floating production, storage and offloading vessels] built by MODEC, including four currently under construction”. MODEC president and chief executive Hirohiko Miyata said, “This strategic merger will allow the MODEC Group to provide an integrated project team to supply floating facilities with SOFEC mooring solutions to their clients, while enabling the Mooring Solutions Business Unit to support other floater providers with SOFEC-branded mooring solutions that deliver added value”. MODEC expects to complete the merger January 2026. “The impact of this merger on MODEC’s consolidated results and financial position is expected to be immaterial”, MODEC said. On Wednesday MODEC reported an 11.9 percent year-on-year increase to $3.35 billion in revenue for the first nine months of 2025 “due to the recognition of revenue and gross profit from the steady progress of the FPSO

The US urged NATO allies to stop buying Russian energy in order to help end the war in Ukraine, adding pressure on member countries such as Turkey even as they cut back their purchases. The message was delivered by Vice President JD Vance and Secretary of State Marco Rubio in a meeting with Turkish Foreign Minister Hakan Fidan on Monday, the State Department said in a statement. Turkey is the third-largest buyer of Russian oil after China and India. Its refineries recently started to reduce purchases of Russian crude after the US sanctioned Moscow’s top two producers, but the country doesn’t plan to stop buying altogether, Bloomberg reported last week. Russia is also Turkey’s biggest supplier of natural gas and the two sides are currently negotiating long-term contracts as existing deals are set to expire at the end of the year. US pressure “could pose a potential headache” for Turkey, Bloomberg Economics’ Selva Bahar Baziki and Alex Kokcharov said in a note on Tuesday. “But thanks to diversification, Ankara appears well placed to absorb the impact and keep any rise in its import bill manageable.” Trump last week granted NATO ally Hungary an exemption from sanctions on purchases of Russian oil, providing a major win for Prime Minister Viktor Orban. What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.

Coterra Energy Inc. yesterday reported third-quarter 2025 net income of $322 million up sharply from $252 million from the year-earlier quarter. Year-to-date net income was nearly $1.35 billion, a 64% increase from the first 9 months of 2024. For third-quarter 2025, total barrels of oil equivalent (boe), natural gas production, and oil production were all near the high-end of the company’s guidance ranges, beating their respective mid-points by roughly 2.5%. Incurred capital expenditures from drilling, completion, and other fixed asset additions (non-GAAP) totaled $658 million, near the mid-point of Coterra’s guidance range of $625-675 million. The company turned in-line 48 net wells during the quarter. In the Permian, 38 net wells were turned in-line, below guidance of 40-50 net wells. Anadarko and Marcellus turned in-line six and four net wells, respectively, in line with guidance. Total equivalent production averaged 785,000 boe/d, near the high end of guidance (740,000-790,000 boe/d). But private investment firm Kimmeridge, describing itself as a significant Coterra shareholder, today released an open letter to Coterra’s board calling for “decisive action to address the company’s failures of governance and lack of strategic focus following the failed merger of Cabot Oil & Gas and Cimarex Energy,” up to and including a change of leadership. Coterra was created by the 2021 merger of these two companies. “Coterra’s history has been tainted by a boardroom unwilling to acknowledge its own missteps,” said Mark Viviano, managing partner at Kimmeridge. “Coterra now trades at a significant discount to both Permian and gas-focused peers, underscoring the market’s rejection of a merger that prioritized self-preservation over strategic merit. Kimmeridge maintains that Coterra’s path forward hinges on new leadership and a renewed focus on the Delaware basin. The Board should immediately appoint a non-executive chair who is independent and unassociated with the merger to restore objectivity

Van’t Hof told analysts on the conference call that the demand picture looks strong these days and that “supply is the hot debate right now.” In a letter accompanying Diamondback’s third-quarter earnings report, he added that the company’s leaders are more aligned with OPEC’s forecast that oversupply through mid-2026 will be less than 500,000 b/d than they are with the International Energy Agency’s outlook of a nearly 4 million b/d surplus. Diamondback, which produced nearly 504,000 b/d of oil in Q3 from its roughly 750,000 net acres in the Permian basin, is content to hold its production levels steady but still be prepared to either boost or bring down output should market conditions change significantly. “We firmly believe there is no need for incremental oil barrels until there is a proper price signal,” Van’t Hof wrote in his letter. In the 3 months that ended Sept. 30, Diamondback’s total production came in at nearly 943,000 boe/d, up from about 920,000 boe/d in the second quarter. The company’s average price/bbl moved up to $64.60 from $63.23 in the spring but was still 12% below the figure from 2024’s third quarter. Its combined price ticked up slightly to $39.73/boe from $39.61 in Q2. Those data points translated into net income of $1.09 billion on total revenues of more than $3.9 billion. Looking to the current quarter, Van’t Hof and his team are forecasting oil output of 505,000 to 515,000 b/d. (That figure will dip to about 505,000 b/d after the company completes an asset sale to its Viper Energy mineral and royalty subsidiary.) They expect total production to be between 927,000 and 963,000 boe/d. Shares of Diamondback (Ticker: FANG) were down nearly 2% to $138.69 in early-afternoon trading Nov. 4, with broader market indices all down more than 1%. Diamondback stock is

TotalEnergies SE has won a 10-year contract to supply Data4 data centers in Spain with a total of 610 gigawatt hours (GWh) of renewable electricity starting 2026. The power will come from Spanish wind and solar farms with a combined capacity of 30 MW. The plants “are about to start production”, a joint statement said. “As European leader in the data center industry, Data4 is now established in six countries, and announced its plan to invest nearly EUR 2 billion [$2.32 billion] by 2030 to develop its campuses in Spain. This agreement with TotalEnergies reaffirms Data4’s engagement to fully integrate renewable energy across all its locations”, the statement added. “The PPA with Data4 follows similar contracts signed by TotalEnergies with STMicroelectronics, Saint-Gobain, Air Liquide, Amazon, LyondellBasell, Merck, Microsoft, Orange and Sasol, and provides a further illustration of TotalEnergies’ ability to develop innovative solutions by leveraging its diverse asset portfolio to support its customers’ decarbonization efforts”, the statement said. Sophie Chevalier, senior vice president for flexible power and integration at France’s TotalEnergies, said, “Our ‘Clean Firm Power’ solutions are specifically designed to meet our clients’ requirements in terms of cost, consumption profile and environmental commitment. These solutions are based on our integrated power portfolio, combining both renewable and flexible assets, and contribute to achieving our target of 12 percent profitability in the power sector”. Francois Sterin, chief operation officer at Paris-based Data4, said, “This agreement reaffirms Data4’s commitment to renewable energy which is more crucial than ever as the race for AI accelerates and the energy capacity required for all data centers in Spain is expected to more than triple by 2030”. TotalEnergies says it is developing a 3-GW solar portfolio under agreements signed 2020 with Powertis and Solarbay Renewable Energy, as well as with Ignis.  Earlier this year TotalEnergies inaugurated a cluster of solar power projects near Sevilla. It said at the

Uniper SE has reported EUR 44.83 billion ($51.89 billion) in sales for the first nine months of 2025, down from EUR 48.26 billion for January-September 2024 partly due to a portfolio decrease from asset sales. Net profit adjusted for nonrecurring items for the first three quarters of 2025 was EUR 268 million, compared to EUR 1.32 billion for the same period last year. Earnings per share for January-September 2025 landed at EUR 1.35, down from EUR 1.92, the German power and gas utility reported on its website. Before adjustment, net income was EUR 568 million, down from EUR 841 million year-on-year. Adjusted EBITDA for January-September 2025 totaled EUR 641 million, compared to EUR 2.18 billion for the 2024 comparable period. Adjusted EBIT came at EUR 235 million, compared to EUR 1.72 billion for January-September 2024. Green Generation adjusted EBITDA fell year-over-year from EUR 738 million to EUR 540 million. “The price level in northern Sweden remains lower than in the prior-year period, mainly because of high reservoir levels in the first half of 2025”, offsetting a higher power output in the country, Uniper said. The shutdown of the Oskarshamn 3 nuclear power station from the start of the second quarter of 2025 also “adversely affected earnings” from Sweden, Uniper said. The plant was restarted up November 2, it said. “Earnings at Uniper’s hydropower business in Germany were slightly lower, too. Pumped-storage power plants’ contribution to earnings was smaller, whereas that of run-of-river power plants, which benefited from more favorable market conditions, was larger”, Uniper added. Flexible Generation adjusted EBITDA dropped from EUR 1.06 billion to EUR 459 million. “Adverse factors included a decline in earnings on hedging transactions on the fossil trading margin and a smaller generation portfolio”, Uniper said. “The latter especially reflects the decommissioning of Ratcliffe power plant in